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PEBERCAN Inc. - Conclusive results of Santa Cruz 305 well

CANASI 100 2ND DUPLEX:
DRILLING COMPLETED - COMPLETION DESIGN UNDERWAY
TSX: PBC
MONTREAL, Feb. 6 /CNW Telbec/ - PEBERCAN INC. (the "Company"),
(TSX : PBC) The Company is proud to announce that drilling of the
Santa Cruz 305 well is completed and shows positive results. The well was spud
on October 20, 2007 and completed on January 11, 2008, after which a testing
period and multizonal completion were achieved in order to isolate several
zones. Initial production totals 881 barrels per day of 10.2(degrees)API
density oil.
Following the successful drilling by Sherritt of two Puerto Escondido
2nd duplex wells, which border the Canasi field, the Company drilled the
Canasi 100 well to ensure development of new reserves on the 2nd duplex zone
in the Canasi field. By the end of November 2007, the well reached a total
length of 5 090 meters (for a vertical depth of 2377m) and the data shows a
70% oil saturation on approximately 1 400 meters. This well produced water and
oil for a few hours before testing was interrupted due to technical problems.
A completion is being designed for the current open hole and will be
implemented during this month of February 2008.
Legal Notice - Forward-Looking Statements
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The forward-looking statements contained in this press release involve a
number of known and unknown risks and uncertainties as well as other factors,
the effect of which may be that the Company's actual results, performance and
accomplishments differ significantly from the future results, performance and
accomplishments stated or implied in such forward-looking statements. The
Company has no obligation to update or modify such forward-looking statements,
either as a result of new information, future events or for any other reason,
and we expressly deny any such obligation in relation thereto. The Company's
most recent annual and interim reports and other documents filed with the
relevant securities commissions and regulators in Canada contain important
additional information on such risks and uncertainties.
For more information concerning the quarterly reports or annual reports,
or to obtain additional information on the Company, please visit our Internet
site at: www.pebercan.com and SEDAR's Internet site at: www.sedar.com.
THE CONTENTS OF THIS PRESS RELEASE HAVE NEITHER BEEN APPROVED,
NOR DISAPROVED BY ANY REGULATORY AGENCY
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